论资金成本与资本成本的混淆及危害

与资金成本不同,资本成本体现的是健全的公司治理机制和对资本风险报酬的尊重。但理论界却将二者混为一谈。资金成本用于投资决策,就会导致投资过度和资本浪费;用于融资决策,就会导致与西方企业完全不同的融资次序,并切断公司投融资理论的联系。为了使中国财务理论能指导企业的投融资决策,就必须摒弃资金成本概念。

Confusion between cost of capital and cost of financing and its harm

Different from cost of financing,cost of capital reflects sound corporate governance mechanism and the respect for the reward of risk of capital.But cost of capital is always confused with cost of financing in theory in China.If we take cost of financing as the discount rate in investment decision-making,it will lead to excessive investment and waste of capital,if we take it into the financing decision-making,it will cause the financing order quite different from that of western company,also it will cut off the relation between financing theory and investment theory.In order to make China's financial theory direct the investment decision-making,we must meet the international standard and completely accept the concept of cost of capital.